Key takeaways
- After months of turbulence and interest rate hikes, mortgage demand declined during the holidays
- Total mortgage demand (measured by new mortgage applications) plunged 13.2% last week compared to two weeks before
- Meanwhile, the average contract interest rate on 30-year fixed mortgages climbed from 6.34% to 6.58%
The holiday season is renowned for delicious food, good cheer and decking various halls in ornamental finery. But as 2022 ended, housing experts noticed something unusual: fewer people preparing to decorate new halls.
That’s right: in the last weeks of the year, mortgage demand slowed way down – indicating that the housing market could soon follow.
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